早报丨Coinbase推出定制稳定币服务，比特币闪电网络的容量创下历史新高

The US CPI data for November showed a rate of 2.7%. Futures on US interest rates predict a 62 basis point easing by the Federal Reserve.

Market trends

Market developments yesterday

● A large investor purchased 10.35 million US dollars worth of ETH, taking a short position with a leverage ratio of 20.

A certain large investor purchased 3,650 units of ETH from HyperLiquid and Lighter (worth 10.35 million US dollars), and opened short positions in ETH with a leverage ratio of 20 on both platforms.

● Zhao Changpeng has engaged in extensive discussions with over ten governments regarding cryptocurrency regulation and industry development.

Zhao Changpeng CZ stated in Space that he has spent a lot of time providing consulting services to governments around the world. He has conducted serious conversations and negotiations with governments in more than a dozen countries, covering both official, public, and private settings.

The main discussions focused on how to establish regulatory frameworks for the cryptocurrency industry, as well as how to integrate the cryptocurrency sector and related innovations into national development plans.

● Taiwan currently holds 210.45 bitcoins that have been seized by the judicial authorities.

According to Bitcoin Magazine, Taiwan is conducting a comprehensive inventory of the bitcoin assets seized by the judicial authorities. Currently, it is reported that the Ministry of Justice in Taiwan holds approximately 210.45 bitcoins, which are being stored as confiscated assets for future disposal or evaluation as part of strategic reserves.

Last month, it was reported that Taiwan plans to assess its own holdings of bitcoins and evaluate its BTC reserves by the end of the year.

● The US SEC accused VBit’s founder of misappropriating $48.5 million in funds.

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Danh C.Vo, the founder and CEO of VBit Technologies Corp. The lawsuit accuses Danh C.Vo of misappropriating approximately $48.5 million from investors in fraudulent investment projects. According to SEC documents, Danh C.Vo and VBit raised over $95.6 million from around 6400 investors. The number of escrow agreements used to facilitate these transactions far exceeded the actual capacity of the company’s mining equipment. The SEC stated that Danh C.Vo transferred approximately $5 million to his family and former spouse, and he left the United States in November 2021. VBit was acquired in 2022, and its mining operations have since ceased.

● xStocks will launch token-based trading of U.S. stocks on the TON chain, with integration into the Telegram wallet

According to CryptoPotato, xStocks, a tokenized stock platform under Kraken, has announced that it will introduce tokenized versions of U.S. stocks on the TON chain, with integration into Telegram’s custodial wallet.Wallet.

Once launched, users will be able to purchase, hold, and transfer tokens representing blue-chip stocks such as Tesla and Nvidia within the TON ecosystem. xStocks will also be directly integrated into TON wallets, allowing users to access stocks and ETFs.

Arjun Sethi, co-CEO of Kraken, said that millions of users will now be able to easily access U.S. stocks through the TON chain, just like sending messages via Telegram. As financial assets migrate to open networks, they will become neutral and combinable components that anyone can use.

● The DePIN project’s DAWN has completed a $13 million Series B financing, led by Polychain

据官方消息，去中心化自治无线网络项目DAWN宣布完成1,300万美元B轮融资，Polychain领投。

新资金将用于加速全球扩张、新部署和生态系统合作，DAWN将继续致力于在全球范围内扩展去中心化宽带。

● Uniswap创始人：已提交Unification提案进行最终治理投票，拟销毁1亿枚UNI代币并启用费用开关

据Uniswap创始人Hayden Adams披露，其已提交Unification提案进行最终治理投票。投票将于美东时间晚10:30开始，12月25日结束。

如果提案通过，在2天的时间锁期后，将执行以下措施：销毁1亿枚UNI代币;在主网上启动v2和v3版本的费用开关，开始销毁UNI代币，同时包括Unichain费用;Uniswap Labs将通过合约协议与Uniswap治理保持一致，该协议在怀俄明州DUNA法律下具有法律约束力。

● 比特币闪电网络的容量创下历史新高

据Cointelegraph报道，随着各大加密交易所广泛采用以及功能不断优化，比特币Layer2网络——闪电网络(Lightning Network)的容量创下历史新高。

Data from Bitcoin Visuals shows that the capacity of the Lightning Network has reached 5,606 bitcoins, breaking the record set in March 2023. The analysis platform Amboss also reported that the capacity of the Lightning Network reached a peak of 5,637 bitcoins, equivalent to approximately $490 million in value. After a year of declining capacity, there was a significant increase in Lightning Network capacity in November and December, due to more bitcoins being added to the network, resulting in faster transaction speeds and lower costs.

Currently, the number of nodes in the Lightning Network is 14,940, lower than the peak of 20,700 nodes in March 2022. Similarly, the number of channels between nodes is 48,678, also lower than the peak seen in 2022. The data indicates that the number of bitcoins added to the Lightning Network is increasing, but the usage measured by the number of nodes and channels may not be growing at the same rate.

● Approximately $23 billion in Bitcoin options will expire next Friday

According to a report by Bloomberg, approximately $23 billion in Bitcoin options will expire next Friday, accounting for more than half of Deribit’s open positions. This suggests that market volatility is increasing significantly.

● JPMorgan Chase has deployed JPM Coins onto the Base blockchain

JPMorgan Chase has deployed its digital deposit token, JPM Coin, onto the Base blockchain developed by Coinbase. This marks the first time a major Wall Street institution has integrated public blockchain technology into its operations on a large scale. Unlike stablecoins, JPM Coin is a digital representation of bank deposits that generate interest. It can only be transferred between users who are listed on the whitelist. This move responds to the need of institutional clients for banking products that can be used on chains. Currently, JPM Coin is primarily used for collateral and margin payments in the crypto trading industry. JPM emphasizes that its deployment mechanism provides full control over permissions and risk isolation, reflecting traditional finance’s transition towards DeFi principles.

● Coinbase has launched a customized stablecoin service that allows users to access Coinbase’s global distribution network

Coinbase announced at a press conference on Wednesday that it has introduced a customized stablecoin service. This service enables users to create branded stablecoins for their businesses, with Coinbase hosting and managing these tokens, and using 1:1 collateral assets as support. The benefits include:

1. Revenue generation based on usage and transaction activities;

2. Seamless cross-chain interoperability;

3. Access to Coinbase’s global distribution network.

● A wallet belonging to a wealthy user was stolen due to the leakage of the private key, resulting in a loss of approximately $27.3 million

According to PeckShield's monitoring, a multi-signature wallet belonging to a whale was stolen due to the leakage of the private key. The loss amounted to approximately $27.3 million. The attacker has already laundered $12.6 million through TornadoCash (equivalent to 4,100 Ethereum units). Currently, he still holds around $2 million in liquid assets. Additionally, the attacker still controls the victim’s multi-signature wallet. This wallet still holds long positions on the decentralized lending platform Aave, with collateral worth $25 million in Ethereum and an outstanding loan of $12.3 million in the decentralized stablecoin DAI.

● SoFi Technologies, a NASDAQ-listed company, has launched the SoFiUSD stablecoin, which is fully backed by US dollars.

According to Businesswire, SoFi Technologies, a digital financial technology company listed on NASDAQ, has announced the launch of the SoFiUSD stablecoin. This coin is issued by SoFi Bank, N.A., a deposit institution regulated by OCC. The coin is fully backed by US dollars at a 1:1 ratio and can be redeemed immediately.

It is reported that SoFi’s stablecoin infrastructure will enable banks, fintech companies, and business partners to issue their own stablecoins using SoFi’s regulatory, operational, and backing framework. Alternatively, they can integrate SoFiUSD into their settlement processes.

● The U.S. SEC has released a set of FAQs regarding regulations related to crypto assets and distributed ledger technology.

According to official announcements, the SEC’s Trading and Markets Department has published a set of FAQs regarding activities related to crypto assets and distributed ledger technology. These FAQs aim to provide market participants with guidance on compliance issues. The content covers the following key areas:

1. Responsibilities of broker-dealers: Non-security-based encrypted assets are not subject to the provisions of Section 15c3-3 of the Securities Exchange Act. However, if the asset is a “encrypted security,” brokers may establish “control rights” under this section to meet compliance requirements. The SEC has no objections to non-paper-based assets.

2. Protection of Client Assets: If the encrypted asset is not a registered product under the Securities Act, SIPC (Securities Investor Protection Corporation) will not provide any protection. The SEC recommends treating non-security-based encrypted assets as “financial assets” and placing them in “security accounts,” thereby ensuring the independence of client assets during liquidation or bankruptcy proceedings.

3. Transactions involving Both Assets: National Stock Exchanges (NSEs) and Alternative Trading Systems (ATSs) can facilitate paired transactions between “encrypted securities” and “non-security assets,” provided that regulatory requirements are met and relevant information is disclosed in Form ATS or ATS-N.

4. Transfer Agents and DLT: If a transfer agent provides securities transfer services for an issuer of encrypted assets, and the asset is a registered security under Section 12, it must register with the SEC. The SEC has no objections to using blockchain as the primary ledger, provided that all federal regulations regarding recordkeeping and regulatory requirements are met.

5. Liquidity Settlement and ETPs: Registered brokers operating ATSs can conduct client transaction settlements within their own account ledgers. The SEC does not require registration as a liquidity provider. As for ETPs that reference encrypted assets, the SEC has no objections to their operation in accordance with the approval letters issued in 2006 for commodity ETPs.

● Bitwise has submitted an S-1 application to the US SEC, proposing to launch an existing Sui ETF.

According to official documents, Bitwise has submitted Form S-1 to the US SEC. The company plans to launch a new ETF based on the Bitwise Sui token. This ETF will track the value of Sui held by Trust (after deducting fees). Trust’s Sui is managed by Coinbase Custody, and Bitwise plans to collateralize some of its assets.

● Bloomberg analysts believe that many crypto ETPs will be liquidated by the end of 2027.

Bloomberg ETF analyst James Seyffart stated on social media that he agrees with Bitwise’s prediction that more than 100 crypto ETFs will be launched in 2026. However, he also noted that many of these products may struggle to remain viable.

“We will see many crypto ETPs being liquidated. This could happen by the end of 2026, but likely before the end of 2027. Currently, there are over 126 ETP applications waiting for results from the US Securities and Exchange Commission. Issuers are actively distributing these products in the market.”

● It is expected that Ethereum’s gas limit will be increased to 80 million in January.

According to Cointelegraph, representatives of Ethereum’s core developers announced that they plan to raise the network’s gas limit from 60 million to 80 million after the BPO hard fork on January 7. This would further improve transaction throughput and reduce costs.

Kim, vice president of research at Galaxy Digital, said that Nethermind believes developers are ready to implement this upgrade. However, Ethereum Foundation engineer Busa pointed out that two key client optimizations need to be completed first: improving blob responses at the execution layer and setting the maximum blob size at the consensus layer.

Increasing the gas limit can increase the number of transactions and smart contract operations processed per block. While it cannot match the speed of L1 platforms like Solana, this still helps to enhance Ethereum’s attractiveness as a secure settlement layer, while maintaining its decentralized nature.

This year, Ethereum has already increased its gas limit three times. The goal of the developer community is to reach 180 million transactions per day by the end of 2026.

● Forward Industries, a Solana-based finance company, has listed its stocks on the Solana blockchain through Superstate.

Forward Industries announced that its registered stocks, approved by the US Securities and Exchange Commission, will be listed on the Solana blockchain via the Opening Bell platform. These stocks can now be used in DeFi applications. The company holds approximately 6.8 million SOL tokens, with a net value of around $832 million, which is more than the total value of the three largest Solana-based digital asset wallets. The tokenized FWDI can be integrated into Solana’s SPL standard and is widely usable within the Solana DeFi ecosystem. It can also serve as collateral for Kamino lending protocols, allowing for stablecoin lending using Pyth’s real-time price oracle.

● The Solana-based DePIN project Fuse Energy has completed a $70 million Series B financing round.

According to SolanaFloor, the DePIN project Fuse Energy has successfully raised $70 million in its Series B financing round. This round was led by Lowercarbon Capital and Balderton Capital, bringing the company’s valuation to $5 billion.

● BlackRock transferred approximately 6,952 ETH to Coinbase Prime, worth nearly $20 million.

According to Arkham's monitoring data, yesterday BlackRock transferred a total of approximately 6,952 ETH to the Coinbase Prime address through its Ethereum exchange-based fund, ETHA. This amount is worth about $19.86 million.

● Polymarket: The probability of Haselet being nominated as Chairman of the Federal Reserve has risen to 52%

According to Polymarket data, the probability of President Trump nominating Wosch as Chairman of the Federal Reserve has dropped to 25%. Meanwhile, the probability of Haselet being nominated as Chairman has risen to 52%, while the probability of Federal Reserve Board Member Waller being nominated has decreased to 13%. President Trump held interviews with current Federal Reserve Board Member Waller regarding the appointment of a new Chairman last Wednesday. He also interviewed former Federal Reserve Board Member Kevin Wosch last week. President Trump stated that Wosch and Haselet are currently his top two candidates for the position.

● ICE, the parent company of the New York Stock Exchange, is considering investing in crypto payment company MoonPay

Bloomberg reports that Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is discussing potential investments in MoonPay’s upcoming financing round.

● U.S. stocks opened higher, with the NASD rising by 338 points and the Dow by 321 points

U.S. stocks started the day higher, with the Dow increasing by 321 points and the NASD by 338 points. The S&P 500 index rose by 0.95%.

● The Bank of Japan is expected to raise interest rates to their highest level in three decades

市场普遍预期，日本央行将在本周五结束的政策会议上，将隔夜拆借利率上调25个基点至0.75%，为今年1月以来首次加息，基准利率也将升至1995年以来最高水平。在行

长植田和男领导下的政策委员会，预计将一致通过此次加息决定。此前两次会议中，已有部分委员表达了支持加息的立场。近期数据显示，日本工资增长保持稳健，美国关税带来的冲击低于预期，进一步强化了市场对加息的信心。

市场人士指出，投资者当前关注的焦点已转向日本央行对未来利率路径的表态。知情人士透露，即便利率升至0.75%，央行内部仍认为尚未达到「中性利率」，部分官员甚至认为1%仍偏低。

分析认为，若央行释放更鹰派信号，或有助于稳定日元，但也可能推高债券收益率，给正在编制下一财年预算的日本政府带来压力。隔夜指数掉期(OIS)显示，交易员预计本次会议加息概率约95%，较上月初几乎翻倍。

政策声明预计在当地时间中午前后公布，植田和男将于15:30举行新闻发布会。